In this newly created role, Mr. McGovern, as Chief Compliance Officer will have overall responsibility for corporate and regulatory compliance, reporting to the Audit Committee of the Board and to Chief Executive Officer Mike McGavick, and also will lead global regulatory and government affairs for the Company.
Mr. McGovern will join the Company from Lloyd’s of London where he is currently Chief Risk Officer and General Counsel.
Commenting on the appointment, Mike McGavick said: “There is no greater endorsement of our strategy and our vision for the future than our ability to attract the industry’s leading talent and we’re very pleased to have Sean join XL Catlin in this key role. For some time, we have been considering, in-light of the continuing evolution of global (re)insurance regulatory standards and expectations, how to best arrange our compliance and regulatory areas. The addition of Sean allows us to accelerate our plans to more closely align and increase the profile of these critical functions.
“Sean has exactly the right background and experience to keep XL Catlin at the forefront of the industry agenda and as a thought leader in compliance and regulatory affairs in our sector.”
Commenting on the announcement, Mr. McGovern said: “I am excited to be joining XL Catlin in this new role at a time when compliance and regulatory requirements are changing around the world. These issues are critical to the future development of the (re)insurance sector as a whole and I look forward to helping drive this agenda at XL Catlin."
Mr. McGovern joined Lloyd's of London in 1996 becoming a Director and Lloyd’s General Counsel in 2002. He was appointed Chief Risk Officer in 2014 and joined Lloyd’s Franchise Board. In this last role, he was responsible for risk governance and the legal, regulatory and government affairs for Lloyd’s of London around the world.
Mr. McGovern is a non-executive board member of TheCityUK which promotes the UK financial services sector and is also Chairman of its International Trade & Investment Group. In November 2011 he was appointed to serve as a member of the first US Federal Advisory Committee on Insurance and has since been reappointed for a further term. In 2015 he was also appointed by the US Treasury to serve on the terrorism insurance Advisory Committee on Risk-Sharing Mechanisms. He is also a Trustee and board member of The Centre for Effective Dispute Resolution (CEDR), which promotes better conflict management and dispute resolution.
Before joining Lloyd’s of London Mr. McGovern, practiced law at Clifford Chance LLP, based in London.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlcatlin.com.